FactorShares, the sponsor behind a suite of spread long/short spread exchange traded funds, will shutter five of those ETFs Friday.
“The Managing Owner has determined that, in light of current market conditions and as a result of each Fund’s asset size, it was advisable to close each Fund,” according a statement issued earlier this month by FactorShares.
The five ETFs being closed by FactorShares can be seen in the table below.
“Trading on the NYSE Arca for the shares of each Fund listed above will be suspended prior to the open of business on Friday, November 22, 2013. Shareholders may sell their holdings on or before Thursday, November 21, 2013 and may incur customary brokerage charges. Shareholders who do not sell their holdings on or before November 21, 2013 will receive cash equal to the amount of the net asset value of their shares along with any accrued capital gains and remaining income.
“Each Fund’s net asset value will reflect the costs of closing the Fund as calculated on the liquidation date. The Board of Managers of the Managing Owner has authorized these Fund liquidations,” according to the statement.
The five ETFs currently have about $7.5 million in combined assets under management.
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